Giverny Capital Asset Management, LLC, an investment management company, recently published its third-quarter 2024 investor letter. A copy of the letter can be downloaded here. The portfolio returned 6.99% in the third quarter compared to a 5.89% return for the S&P 500 Total Return Index. The fund returned 20.16% year-to-date compared to the 22.08% return for the Index during the same period. The strategy continued to benefit from the exceptionally robust US stock market. For more information on the fund’s top picks in 2024, please check its top five holdings.
Giverny Capital Asset Management highlighted stocks like The Progressive Corporation (NYSE:PGR), in the third quarter 2024 investor letter. The Progressive Corporation (NYSE:PGR) is an insurance holding company. The one-month return of The Progressive Corporation (NYSE:PGR) was -1.14%, and its shares gained 53.51% of their value over the last 52 weeks. On November 1, 2024, The Progressive Corporation (NYSE:PGR) stock closed at $242.72 per share with a market capitalization of $142.185 billion.
Giverny Capital Asset Management stated the following regarding The Progressive Corporation (NYSE:PGR) in its Q3 2024 investor letter:
“We had a quiet quarter. We sold the last of our shares in Floor & Décor in July and trimmed The Progressive Corporation (NYSE:PGR) and Berkshire Hathaway. With Progressive and Berkshire, we trimmed both stocks into strength. Progressive is up about 55% this year and had become a 9.5% weight. The company remains a top holding, and I have not lost any confidence in its superior underwriting capability versus auto insurance rivals. But an 8% weight feels comfortable for a company that has both a large market share and an elevated profit margin.”
A team of accountants in a boardroom, discussing strategic moves of an insurance company.
The Progressive Corporation (NYSE:PGR) is not on our list of 31 Most Popular Stocks Among Hedge Funds. As per our database, 89 hedge fund portfolios held The Progressive Corporation (NYSE:PGR) at the end of the second quarter which was 85 in the previous quarter. While we acknowledge the potential of The Progressive Corporation (NYSE:PGR) as an investment, our conviction lies in the belief that AI stocks hold greater promise for delivering higher returns, and doing so within a shorter timeframe. If you are looking for an AI stock that is as promising as NVIDIA but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.
In another article, we discussed The Progressive Corporation (NYSE:PGR) and shared the list of top growth stocks with the highest projected EPS growth rates according to Bank of America (BofA). In its Q3 2024 investor letter, Middle Coast Investing reported that The Progressive Corporation (NYSE:PGR) has seen a significant increase in profits and anticipates ongoing growth following its efforts to tackle cost inflation. In addition, please check out our hedge fund investor letters Q3 2024 page for more investor letters from hedge funds and other leading investors.
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Disclosure: None. This article is originally published at Insider Monkey.